Insurance premium paid on a plant let out in the ordinary course will be deductible as

Q: One limitation, on the deduction for self-employed insurance, is that taxpayers cannot deduct the…

A: Self-employed individuals may be able to deduct their health insurance premiums as an above-the-line…

Q: GAAP provides guidelines for the inclusion of interest in the initial cost of a self-constructed…

A: 1.

Q: A __________ __________ is a part of a fire insurance policy that requires the policyholder to…

A: The word "replacement cost" refers to the expense of replacing or repairing damaged or destroyed…

Q: ne purpose of casualty policy’s condition section is to list the property that is to be covered…

A: Casualty policies are taken to prevent the the company from liabilities arising out of damage or…

Q: Policyholder dividends from a whole life insurance policy are generally tax exempt. In which of the…

A: The correct answer is: (A) The dividend is from a MEC and is received in cash. Policyholder…

Q: b) Define deductible. c) What happens to your premium when the deductible is lowered? d) List three…

A: Honor code: Since you have posted a question with multiple sub-parts, we will solve the first three…

Q: Losses due to destruction of personal property are covered by (choose the best answer) Personal…

A: Personal insurance : It is the insurance against risk or person's life , health etc. Life insurance…

Q: Explain the differences between actual cash value (ACV) and replacement cost for homeowner’s…

A: The difference between actual cash value coverage and replacement cost coverage is the depreciation.…

Q: What type of property insurance would cover injury to a repairperson on your property?  A.…

A: Given, A. Meaning of additional living expenses coverage,  It is a important part of the maximum…

Q: Under a property policy,  insurable interest must exist at which of the following times?  when the…

A: Insurable interest is a type of insurance which protect the policy holder from the financial loss…

Q: If the insured outlived the life insurance policy, the proceeds shall be taxable to the beneficiary…

A: If the insured outlived the life insurance policy, he/she will get his/her premium back, this…

Q: What does the insurer agree to pay for in addition to covering losses in an insurance policy?…

A: Insurance is a contract between the insurer and insured. In this contract, the insurer agrees to…

Q: over what period of time should the cost of a patent aquired by purchased be amortized?

A: Cost of patent acquired by Purchase should be amortized over its useful life which cannot be longer…

Q: The standard homeowners policy contains both property and liability coverages.    True or False

A: The standard homeowners policy can be defined as the contract between insurer and the insured where,…

Q: Identify the term being referred to: An agreement where one party conveys to the another party the…

A: The question contains an agreement between two parties . One party coveys the right to use the asset…

Q: Does the recognition of depreciation in the accounts provide a special cash fund for the replacement…

A: Depreciation is a non-cash outlay that the company has to report in the books for the purpose of…

Q: Long term liabilities are usually associated with -purchase of a building -purchase of equipment…

A: Long term liabilities: These include all the obligations and debts that the company owes for a…

Q: Whenwhen are final medical expenses deductible?

A: Medical Expense -Any costs associated with preventing or treating an injury or illness are referred…

Q: The contents of a building are valued at $250,000 and insured subject to 90% co-insurance for…

A: The insurance term that describes this process is "actual cash value (ACV)." ACV refers to the value…